This study conceptualizes international monetary hierarchy by focusing on different mechanisms to supply emergency US-Dollar (USD) liquidity from the Federal Reserve (Fed) to non-US central banks. To this end, it takes on board insights of critical macrofinance and develops a model of the global financial architecture as a web of interlocking balance sheets.
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Murau, S., Pape, F., & Pforr, T.(2021). The hierarchy of the offshore US-Dollar system. On swap lines, the FIMA Repo Facility and special drawing rights. Boston: Boston University, Global Development Policy Center, Global Economic Governance Initiative.
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